Tax Reform Act of Year 2017

found online

12/08/2017

 

Dear Clients:                                                                     

 

Several clients have asked me about the Facebook post that the Tax Reform Act of Year 2017 will eliminate all deductions for all small business owners expenses starting next year. And the post recommends incurring whatever expenses that are possible all before the end of the year.

 

The Facebook post is not correct.

 

Some business deductions for entertainment and gym membership may be disallowed in the Tax Act of 2017, but this is not the same as disallowing all expenses.

 

I usually like to wait for a tax act to pass before sending information to my clients about the new provisions. But I do not want anyone to make improper decisions before the end of the year due to false information.

 

Below is a link discussing the false Facebook post

 

https://www.snopes.com/tax-bill-small-business-deductions/

 

 

Also attached is some of the details on the act that has yet been passed by the house and senate.

 

 

If you have any questions, please let me know.

 

 

 

Wendell